Question

Prepare a 2015 statement of financial position for Lowes Corp. based on the following information: cash = $195,000, patents and copyrights = $780,000, accounts payable = $405,000, accounts receivable = $137,000, tangible net fixed assets = $2,800,000, inventory = $264,000, notes payable = $160,000, accumulated retained earning = $1,934,000, long-term debt = $1,195,000. Be sure to list the accounts in order of their liquidity.

Answer 1

$ Lowes Corp Balance Sheet Assets Cash 195,000 Accounts Receivables $ 137,000 Inventory 264,000 Total Current Assets 596,000 Tangible net fixed assets $ 2,800,000 Intangible net fixed assets $ 780,000 Total assets $ 4,176,000 Liabilities and Stockholders' Equity Accounts Payable 405,000 Notes payable 160,000 Current Liabilities 565,000 Long term debt 1,195,000 Total Liabilities $ 1,760,000 Common stock 482,000 Accumulated retained earnings $ 1,934,000 Total Liabilities and Stockholders' Equity $ 4,176,000 Working Notes: Total Liabilities and Stockholders' Equity = Total Assets Total Liabilities and Stockholders' Equity = Total Liabilities + Common Stock + Accumulated retained earnings $4,176,000 = $1,760,000 + Common stock + $1,934,000 Common stock = $4,176,000-$1,760,000-$1,934,000 = $482,000 $ $